FM 262 Lecture Notes - Lecture 4: Ikea, Competitor Analysis, Walmart

• School: FIT
• Department: Fashion Business Management
• Course: FM 262
• Professor: Suzanne Piazza

Document Summary

More attention to long-term strategic planning than ever before. Due to the emergence of: new competitors, new formats, new technologies, shifts in customer needs. The market segment(s) toward which the retailer plans to focus its resources. Advantage over the competition that is not easily duplicated and can be and retail mix. The nature of the retailer"s operations-its retail mix. Consistent with your competitive advantage maintained over a long time. Can a retailer develop a sustainable competitive advantage by. More sustainable: location, customer loyalty, customer service, exclusive merchandise, low-cost supply chain management, information system, buying power with vendors, committed employees. Less sustainable: better computers, more employees, more merchandise, greater assortments, lower prices, more advertising, more promotion, cleaner store. Developing a strong brand for the store or store brands. Creating an emotional attachment with customers through loyalty programs. Can create an emotional tie with customers that build their trust and loyalty.